Los Angeles

[Glenn]

Best, Glenn

Hi there, I'm Glenn Kelman, Redfin CEO and huge fan of these forums tho often from afar. I was writing because the WSJ is looking for boomerang buyers, folks whose credit was damaged because of a foreclosure or short sale, but are now back in the game to buy a home. It's a hopeful piece, about redemption and recovery, and the WSJ is a big deal. Let us know if you're interested and we'll put you in touch with the author of the piece. Thanks, and thanks for all the thoughtful, fun posts to this forum!

Best, Glenn

[Andiamo53]

Yes, I imagine the WSJ would LOVE to write a spin piece about how the economy is improving. And they want to write this piece 2 days after the biggest Occupy Wall Street movements across the the whole world have occurred? Glenn says "It's a hopeful piece, about redemption and recovery". Yeah, right--it's Wall Street that's looking for redemption. I'd love to think the powers that be are getting a little nervous and this article is part of their marketing campaign. This IS Rupert Murdoch's rag, after all.

[digo]

Just curious why the WSJ is the only newpaper to come to the forums in search of people with a story about RE.  Is there some hidden affiliation between Redfin and WSJ?

[LoansbyJW]

There is a real phenomenon of "Boomerang Buyers" - a good subject to delve into since there are many people seeking a "how to" article on re-buying. I run into "BB"'s on a daily basis, but none of them are capable of buying. It's either timing or credit issues that prevent BB's from moving forward. It's too soon for most, considering that the first run of Strategic Defaulter's were a mere 3 years ago (early 2008). The BB's will be in force late 2012 when most restrictions on getting a new purchase loan have faded. 

Since prices are deteriorating it's hard to say if eligible and rational BB's are even going to take that step. I say "rational" because some BB's are fresh off of a 2 month old Short Sale asking "Can I buy again? I promise not to default this time" which is irrational at best.

I'd read the article if generated.

Thanks for reading,  

[bukowski]

A good topic actually, since I have some family that intends to walk (I call em "Walkers"), saying goodbye and f u to their community (via con REO or ShizzSale), and totally expects to be able to buy in their newly desired locale sometime soon. These are people, btw, who are serial flag wavers and slumdogs, and offer horrible recommendations on Things.

[Bruin99]

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LoansbyJW wrote:

I say "rational" because some BB's are fresh off of a 2 month old Short Sale asking "Can I buy again? I promise not to default this time" which is irrational at best.

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I think it would be even more irrational if a bank actually gave them a loan...

[Goran_K]

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bukowski wrote:

A good topic actually, since I have some family that intends to walk (I call em "Walkers"), 

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As a Walking Dead fan  who was pleasantly surprised with the Season 2 premiere, I think that name fits spectacularly in every shape and form.

[987s]

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Andiamo53 wrote:

Yes, I imagine the WSJ would LOVE to write a spin piece about how the economy is improving. And they want to write this piece 2 days after the biggest Occupy Wall Street movements across the the whole world have occurred? Glenn says "It's a hopeful piece, about redemption and recovery". Yeah, right--it's Wall Street that's looking for redemption. I'd love to think the powers that be are getting a little nervous and this article is part of their marketing campaign. This IS Rupert Murdoch's rag, after all.

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Seems a little cynical to me.  I imagine the piece would take a few weeks to get put into print, and I doubt it's a response to any of the Occupy Wall Street stuff.

I believe a lot of the little guys are getting screwed, but mortgage laws still favor the consumer in most states.   A consumer buys a house, stops paying and lives for free for 18 months, can walk away free and clear except for bad credit.  On top of that since banks are greedy, they'll be sending out credit card offers to the bankrupt/foreclosed individuals within a year and will probably approve a new mortgage in 4-5 years.     Isn't that pretty much the definition of redemption and recovery for the consumer?

[Andiamo53]

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987s wrote:

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Andiamo53 wrote:

Yes, I imagine the WSJ would LOVE to write a spin piece about how the economy is improving. And they want to write this piece 2 days after the biggest Occupy Wall Street movements across the the whole world have occurred? Glenn says "It's a hopeful piece, about redemption and recovery". Yeah, right--it's Wall Street that's looking for redemption. I'd love to think the powers that be are getting a little nervous and this article is part of their marketing campaign. This IS Rupert Murdoch's rag, after all.

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Seems a little cynical to me.  I imagine the piece would take a few weeks to get put into print, and I doubt it's a response to any of the Occupy Wall Street stuff.

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Possibly cynical, but  have YOU heard of anyone who  in a position to buy now after having strategically defaulted? I just think that as the mouth piece for Wall Street, the WSJ would serve a  lot of interests if they could argue (convincingly) a rebound in the housing market  via so-called boomerang buyers. I don't see it happening though (the rebound--not the article).

[LoansbyJW]

Don't ruin it for me as I've not yet had time to watch the Season 2 opener trapped on my DVR. Going to make a big plate of Manwiches (Sloppy Joes) and enjoy the show. Anyone shambing over to the Long Beach Zombie Crawl on 10/29? But I digress...

There are some buyers who have their spouse on their departure residence who let's it go back to the bank, hoping then since they are "clean" to buy right away. The problem though is that when we ask "where've you been living for the past 2 years?" They can't say they were renting, and more often than not their tax returns (jointly filed) show joint claiming of the Mortgage Interest Deduction. It's an impossible task at that point in time to get a new loan until time passes.

One Boomerang Buyer had a Corporate Relo go terribly wrong. The company went out of business and stopped paying their housing subsidy. Is that the buyers fault for finding their home unaffordable? Not really. It's people in these situations, rare as they may be, who are able to re-buy in a shorter time window than others.

Thanks for reading,